Company briefs

East Timor’s Secretary of State, Ágio Pereira, said yesterday the country would not allow
Woodside Petroleum
to develop its Greater Sunrise gas field between Australia and East Timor through either floating liquefied natural gas facilities or an expanded LNG plant at Darwin. The government wants the gas processed through a new LNG plant in East Timor. “Woodside does not have any unilateral authority on decisions regarding the resources of Timor-Leste," Mr Pereira said. “Woodside’s assertions in the media are misleading the public and their shareholders."

Paul Garvey

Telstra’s veteran chief financial officer, John Stanhope, is expected to be appointed to the board of Foxtel, underlining the importance with which Telstra views its 50 per cent stake in the pay TV company. Telstra has had two directors on the Foxtel board since the departure last year of its former consumer boss, David Moffat, a long-time Foxtel board member. News Corporation and Consolidated Media own the rest of Foxtel.

Dominic White

The private company of coal mining magnate Ken Talbot has invested $7 million in the unlisted Advent Energy, which is exploring for oil and gas off the NSW coast. Paul Garvey

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Company Profile

Perseus Mining
is raising up to $C130 million ($139 million) through a share sale and share purchase plan. The funds will be used to strengthen the company’s balance sheet as it prepares to start gold production from its Central Ashanti gold project in Ghana next year.

Luke Forrestal

Galaxy Resources
has executed agreements to sell battery-grade lithium carbonate to 13 Chinese lithium cathode producers. Galaxy has buyers for 100 per cent of production from its Jiangsu plant in China, which is expected to be in operation next year. Luke Forrestal

The first and second episodes of the third season of Nine Network’s local drama series Underbelly on Sunday night captured 3.04 million and 2.8 million viewers nationally, making them the most-watched TV programs since the 2010 ratings season started on February 7. Neil Shoebridge

BHP Billiton
Mitsubishi Alliance, the world’s largest steel-making coal exporter, said force majeure, declared on coal shipments from the Hay Point terminal in Queensland after storm damage, was lifted on April 9. Tests and repair work at the terminal continue, spokeswoman Fiona Martin said. Force majeure is a contractual clause that allows companies to miss deliveries because of circumstances beyond their control. Customers were notified on March 23 that shipments would be missed after the port was hit by tropical cyclone Ului.

Bloomberg

Nufarm
said yesterday Sumitomo has declared that its offer for 20 per cent of the pesticide maker is now unconditional. Many Nufarm shareholders accepted the offer for more than 20 per cent of their shares and had to be scaled back, it said. Staff reporter